Publication of the other classes of investment associations, etc.
In accordance with Article 13 (1), 7, section 172, paragraph 1. Seven, in law no. 456 of 18. The year May 2011 on investment associations and so on shall be :
Scope of application
§ 1. This notice shall apply to investment associations, special associations, hedge funds, professional associations and approved sheep ' s associations, however, so that Section 6 does not apply to hedge funds, Section 7 shall not apply to : Professional associations and approved sheep ' s associations and sections 8 alone shall apply to hedge funds.
Characteristics of the other classes and the characteristics of the second classes
§ 2. A society that is set up in a department must ensure that the use of the other classes is in the interests of all the investors.
Paragraph 2. The SEC may offer an association to liquidate an agricultural class in a department whose association :
1) has not ensured that the use of the andclasses is in the interests of all the investors in the department,
2) places such a large proportion of a department ' s assets in class-specific assets that the investment policy of an agricultural class is not basically the same as the investment policy of the department, as defined in the statutes, or
3) does not provide adequate information in accordance with section 13 (3). 3, in the law on investment associations, etc. in the creation of an andlover.
§ 3. A association can set up other classes in a department where the common classes differ according to the following characteristics :
1) Denominations in currency.
2) The types of investor shareholdings are being placed on the market across the street.
3) Ongoing costs that comply with the rules in section 5.
4) Emissions and deposits, which comply with the rules in section 5 and the notice on the calculation of emission and solution prices at drawing and the settlement of units in investment associations, etc.
5) Price calculation method, cf. the notice of the calculation of emission and solution prices at drawing and the incorporation of units in investment associations, etc.
6) Class-specific assets, which can only be derivative financial instruments, as well as a cash supply for the use of the ongoing cash-flow needs of the class.
7) The load profile (cumulative or excatively).
8) Minimum investment.
Paragraph 2. Class classes may also differ on other characteristics of character other than those laid down in paragraph 1. 1 shall be mentioned if the association can prove that investors in a single farm class are not owed at the expense of investors in another other range.
Paragraph 3. a statement in which the association shall reimburmeyou as referred to in paragraph 1. 2, shall be submitted to the Financial supervision no later than eight working days after the decision of the Management Board to establish an alternative class, which varies in different characteristics other than those referred to in paragraph 1. One mentioned.
§ 4. A union can place part of a department's fortune in class-specific assets, cf. Section 3, paragraph 3. 1, no. 6.
Paragraph 2. An association cannot place such a large part of a department's fortune in class-specific assets that a second-rate investment policy is not basically the same as the investment policy of the department, as provided for in the statutes.
§ 5. An association shall not allow a single class to hold another second-rate costs.
Paragraph 2. Consulting costs relating to the common portfolio shall be divided between the shares in a relationship corresponding to that part of the common portfolio, such as the shares of the cowards of which are made.
Paragraph 3. Ongoing commercial costs relating to the common portfolio shall be divided between the shares in a relationship corresponding to that part of the common portfolio, such as the shares of the cohesive classes.
Paragraph 4. The emission and solution trading costs relating to the common portfolio shall be borne by the range of emissions in which the emission and the solution are carried out.
Paragraph 5. By way of derogation from paragraph 1 4 may benefit from trading costs as referred to in paragraph 1. 4, between other classes in the same department, which :
1) uses single pricing method or variable single pricing method by price calculation, and
2) making representations to the same type of investor.
Paragraph 6. Trade and consulting costs, which alone relate to class-specific assets, must be borne by the sands class alone.
Paragraph 7. Trade and consulting costs relating to assets such as more but not all of the shares of a section of the department are to be distributed in a proportion corresponding to that part of the assets that the Andella classes are discharged.
Paragraph 8. Marketing costs which alone do not relate to one and the other classes shall be borne by the other classes alone.
Niner. 9. Costs that cannot be assigned directly to a particular and class category shall be divided between the classes in a relationship corresponding to that part of the common portfolio, which the Andelclasses are intended to disarm.
Paragraph 10. The Management Board for a Association shall ensure that the principles set out in paragraph 1 shall be based. 1-9 is complied with.
§ 6. A association shall not use class-specific assets to expose an overall risk to a global risk exceeding the value of the part of the department ' s assets, such as the shares of the partition which are discharged.
§ 7. An association shall, on its own website, give details of the characteristics of an agricultural class in accordance with section 3 (4). 1, including details of :
1) the currency of the second class is denominated in,
2) the type of investor shareplacing on the market across the street ;
3) emission allowance and deposit-deduction ;
4) administrative expenses, consulting costs and marketing costs,
5) the price calculation method used,
6) how much of the wealth of shares, the association can be used for class-specific assets,
7) encoding profile,
8) minimum investment ; and
9) Characteristics covered by Section 3 (3). 2.
Paragraph 2. If a department has class-specific assets, it must also be stated in the association's website, the purpose of which is, and what impact it has on the investment policy of each other, as described in the prospectus.
Especially for hedge funds.
§ 8. Creates a hedge association classes in a department and uses the leverage department,
1) the gear factor shall be the same for all the other classes in the department, and
2) the clutch method shall be the same for all the shares classes in the department.
Paragraph 2. Gearing means :
1) investing for borrowed funds,
2) increasing exposure to derivative financial instruments ; or
3) short-selling on an eunted basis.
§ 9. Inherit of the provisions of section 2 (2). Paragraph 3, section 3. 3, section 4 (4). 2, section 5, paragraph 1. 1-4 and 6-9, Clause 6, section 7, and 8 (8). One, punishable by fine.
Entry into force
§ 10. The announcement shall enter into force on 1. July, 2011.
Financial supervision, 21. June 2011
/ Anne Marie Pico